A rendering of the College Town project and what the vision is for the corner of Elmwood and Mt. Hope avenues. A spring groundbreaking is expected for the project.

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College Town received approval of tax breaks and a financing arrangement that will allow much of the tax revenue generated by the project to be used for repaying a $20 million federal loan to help the developers.

The County of Monroe Industrial Development Agency approved a package Tuesday that gives College Town Rochester LLC a $345,000 exemption from the mortgage tax and $1.6 million in sales tax exemptions on materials used to build College Town.

A spring groundbreaking is expected for the project, which is the University of Rochester's plan to create a multiuse "urban village" along Mt. ...